Fourteen sites owned by United Furniture Industries will be up for auction later this month, Connect CRE reported. United, also known as Lane Furniture, ceased operations in November and has filed for chapter 11. B. Riley Real Estate will conduct the auction for the properties, four of which are located in North Carolina totaling almost 1.5 million square feet. The sale is scheduled for July 25 in Memphis, Tenn., near the office of the district bankruptcy court overseeing the company’s case. Bids will be considered on individual properties or the entire portfolio. The minimum bid for the 14-site portfolio, encompassing 5 million total square feet, is $65 million. Bids will be accepted until 5 p.m. CT July 14. Bidders will be notified by July 21 if they are qualified to attend the auction. Property closings are expected in late August after a sale hearing.
